The Finish Line's Loss Narrows
Indianapolis-based The Finish Line Inc. (Nasdaq: FINL) is reporting a fiscal third quarter net loss of $12.9 million, compared to a net loss of $40.4 million during the same period last year. Chief Executive Officer Sam Sato says the company finished the quarter ahead of expectations.
Sato adds growth initiatives put in place are driving increased traffic to the Finish Line brand.
“While we responded to certain pricing actions in the marketplace to be competitive, we delivered gross margin in line with forecasts, and remained highly disciplined in managing expenses and inventories," Sato said in a news release. "Looking ahead, we continue to be cautious in the near-term, but I am confident that the work we are doing to position the company for long-term growth and enhanced profitability is gaining traction."
The company has also improved its year-to-date results, reporting a net loss of $1.9 million for the first three quarters of the fiscal year, compared to a net loss of $8.7 million during the same period a year prior. You can connect to the full fiscal third quarter earnings report by clicking here.